Deutsche hid $12bn losses, say staff
Deutsche Bank failed to recognise up to $12bn (£7.5bn) of paper losses during the financial crisis, helping the bank avoid a government bailout, three former bank employees have alleged in complaints to US regulators. Deutsche denied the claims, and said they were more than two and a half years old.
The Daily Telegraph
Euro plan gives Brussels sovereignty
Eurozone countries would lose the right to set their own budgets and end up surrendering economic sovereignty to Brussels under a blueprint to “complete” the European Union’s single currency. The plan for ““completion of economic and monetary union” will be discussed by EU leaders at a Brussels summit next week.
Samsung keeps it in the family
Jay Y Lee, the only son of the chairman Lee Kun Hee, was named as the vice-chairman of Asia’s biggest consumer electronics company in an annual management reshuffle, continuing the electronics empire’s lineage, despite a mounting backlash against South Korea’s powerful family-run companies.
THE WALL STREET JOUANAL
Kodak gets $500m patent bid
A consortium of bidders has offered Kodak more than $500m (£311m) for a trove of digital patents, people familiar with the matter said. While the people said a deal for the patents hadn’t yet been reached, the bid puts the one-time icon a step closer to financing that could help it exit bankruptcy court.